financial analysis of top pakistan cement companies

8/6/2019 Financial Analysis of Top Pakistan Cement Companies

1/21

ANNEXURE A

Profit & Loss Statement Analysis

D. G. KHAN CEMENT COMPANY LIMITED

PROFIT & LOSS STATEMENT

FOR THE YEAR ENDED JUNE 30, (2008, 2009, 2010)

(Rupees in thousand)

2008 2009 2010Sales 12,445,996 18,038,209 16,275,354Cost of Goods Sold (10,530,723) (12,358,479) (13,569,994)

Gross Profit 1,915,273 5,679,730 2,705,360

Administrative expenses (111,658) (141,852) (172,436)Selling and distribution expenses (561,465) (1,871,517) (994,418)Other operating expenses (581,913) (795,854) (189,015)Other operating income 847,344 770,137 911,672Impairment on investment - (257,386) -

Operating Profit 1,507,581 3,383,258 2,261,163

Finance cost (1,749,837) (2,606,358) (1,902,760)Share of loss of associated

company

(8,674) - -

Profit/(loss) before tax (250,930) 776,900 358,403

Taxation 197,700 (251,319) (125,381)Profit/(loss) for the year (53,230) 525,581 233,022


2/21

LUCKY CEMENT LIMITED





Gross Profit 4,357,173 9,811,267 7,978,861

Distribution expenses (1,155,054) (2,427,8370 (3,433,047)Administrative expenses (125,752) (165,936) (303,244)

Operating Profit 3,076,367 7,217,494 4,242,570

Finance cost (126,743) (1,236,971) (569,184)Other Income/Charges (643,095) (803,521) (255,872)

Profit/(loss) before tax 2,306,529 5,177,002 3,417,514

Taxation 371,141 (580,453) (280,057)

Profit/(loss) for the year 2,677,670 4,596,549 3,137,457


3/21

ATTOCK CEMENT PAKISTAN LIMITED





Gross Profit 1,114,203 2,708,972 1,957,967

Distribution expenses (124,744) (437,194) (466,659)Administrative expenses (133,582) (182,420) (183,933)Other operating expenses (54,841) (147,402) (102,969)Other operating income 27,840 166,533 261,539

Operating Profit 828,876 2,108,489 1,465,945

Finance cost (153,909) (119,763) (77,628)

Profit/(loss) before tax 674,967 1,988,726 1,388,317

Taxation (239,942) (495,775) (371,632)

Profit/(loss) for the year 435,025 1,492,951 1,016,685

MAPLE LEAF CEMENT FACTORY LIMITED




4/21



Gross Profit 1,323,830 4,954,509 2,938,628

Distribution expenses (834,849) (2,339,704) (3,152,889)Administrative expenses (121,236) (151,713) (194,161)Other operating expenses (24,838) (42,251) (158,641)Other operating income 105,656 61,749 57,031

Operating Profit 448,563 2,482,590 (510,032)

Finance cost (1,812,807) (3,400,241) (2,059,476)

Profit/(loss) before tax (1,364,244) (917,651) (2,569,508)

Taxation 688,109 (65,319) (14,447)

Profit/(loss) for the year (676,135) (982,970) (2,583,955)

LAFARGE PAKISTAN CEMENT LIMITED





Gross Profit 979,234 983,702 855,910

Distribution expenses (483,032) (459,777) (491,859)


5/21

Administrative expenses (441,666) (547,245) (408,652)Other operating expenses (35,035) (169,448) (6,110)Other operating income 47,408 21,219 112,402

Operating Profit 66,909 (171,549) 61,691

Finance cost (1,481,674) (1,082,954) (980,678)

Profit/(loss) before tax (1,414,765) (1,254,503) (918,987)Taxation 172,262 (24,462) (29,508)

Profit/(loss) for the year (1,242,503) (1,278,965) (948,495)


6/21

ANNEXURE B

Balance Sheet Analysis


BALANCE SHEET

AS AT JUNE 30, (2008, 2009, 2010)


EQUITY AND

LIABILITIES 2008 2009 2010 ASSETS 2008 2009 2010

CAPITAL AND RESERVES NON-CURRENT ASSETSPaid-up Capital 2,535,412 3,042,494 3,650,993 Property,

Plant and

equipment

22,977,89

4

24,345,793 25,307,302

Reserves 27,595,69

8

17,401,220 22,160,477 Assets (F/L) 5,135 - -

Accumulated

profit

(50,853) 707,750 474,728 Capital WIP 2,488,307 1,750,208 465,650

Investments 6,795,961 3,172,508 4,696,922Loans,

advances

and

deposits

523,046 166,940 158,677

TOTAL

EQUITIES

30,080,25

7

20,918,442 26,519,220

TOTAL

NON-

CURRENT

ASSETS

32,790,34

3

29,435,449 30,628,551

NON CURRENT LIABILITIES CURRENT ASSETSLong term

finances

8,411,051 4,375,837 5,089,507 Stores and

spares

2,299,250 2,935,880 3,017,742

Long term

deposits

73,890 73,765 81,138 Stock in

trade

445,856 899,836 1,036,876

Retirement and

other benefits

54,018 78,622 104,029 Trade debts 366,173 513,966 303,949

Deferred

taxation

1,319,000 1,441,576 1,465,960 Investments 15,082,58

2

7,785,968 10,740,972

CURRENT LIABILITIES

Advances,

deposits,

and

receivable

782,358 908,100 1,087,161

Trade Payables 1,370,336 1,435,420 1,679,749 Cash and

bank

balance

226,372 243,842 230,792

Accrued markup 364,664 531,772 346,425Short term

borrowing

7,597,020 9,068,575 9,585,642


7/21

Long term

borrowing

2,687,608 4,763,942 2,139,283

Provision for

taxation

35,090 35,090 35,090

TOTAL

LIABILITIES

21,912,67

7

20,526,823 21,804,599

TOTAL

CURRENT

ASSETS

19,202,59

1

13,287,592 16,417,492

TOTAL

EQUTIES &

LIABILITIES

51,992,93

4

42,723,041 47,046,043 TOTAL

ASSETS

51,992,93

4

42,723,041 47,046,043


BALANCE SHEET

AS AT JUNE 30, (2008, 2009, 2010)


EQUITY AND


CAPITAL AND RESERVES NON-CURRENT ASSETSShare Capital 3,233,750 3,233,750 3,233,750 Fixed

Assets

25,881,37

5

30,476,872 31,378,255

Reserves 15,421,67

3

20,018,222 21,862,179 Intangible

Assets

- - 2,977

Long term

advance

- 55,373 55,373

Long term

deposits

2,175 2,175 2,175

TOTAL

EQUITIES

18,655,42

3

23,251,972 25,095,929

TOTAL

NON-

CURRENT

ASSETS

25,883,55

0

30,534,420 31,438,780


finances

6,633,333 4,300,000 1,658,600 Stores and

spares

4,160,146 3,411,549 4,008,288

Long term

deposits

30,252 28,589 31,957 Stock in

trade

709,372 1,196,608 608,813

Deferred

Liabilities

174,171 234,633 319,217 Trade debts 720,314 1,267,248 779,305

Deferred

taxation

1,058,998 1,478,490 1,562,850 Loan & Adv. 111,989 108,876 105,915

Trade Depo. 189,641 9,761 48,807

CURRENT

LIABILITIES

Receivables 890,204 59,251 184,805

Trade Payables 3,549,543 2,677,356 3,043,320 Tax Refund 538,812 538,812 538,812Accrued markup 288,977 233,381 155,500 Taxation-net 130,899 176,584 145,151Short term

borrowing

3,606,710 6,187,941 6,267,112 ST Refund 634,136 40,162 117,939

Long term

borrowing

241,667 - 175,759 Cash &

Bank

270,011 1,049,091 333,629

TOTAL 15,583,65 9,098,678 13,214,315

TOTAL

CURRENT 8,355,524 7,857,942 6,871,464


8/21

LIABILITIES 1 ASSETSTOTAL

EQUITIES &

LIABILITIES

34,239,07

4

38,392,362 38,310,244

TOTAL

ASSETS 34,239,07

4

38,392,362 38,310,244

ATTOCK CEMENT PAKISTAN LIMITEDBALANCE SHEET

AS AT JUNE 30, (2008, 2009, 2010)


EQUITY AND


CAPITAL AND RESERVES NON-CURRENT ASSETSPaid-up Capital 721,629 721,629 865,955 Fixed Assets 4,333,363 4,143,534 4,201,944Un-appropriated

profit

2,784,754 4,043,176 4,529,464 Long term

Investment

4,500 4,500 4,500

Hedging reserve 25,196 13,062 - Long term

Loan/advance

9,775 19,438 16,922

Long term

deposits

42,980 42,980 42,980

TOTAL

EQUITIES

3,531,579 4,777,867 5,395,419

TOTAL NON-

CURRENT

ASSETS

4,390,618 4,210,452 4,266,346


murabaha

622,500 422,500 - Stores and

spares

622,758 599,605 646,494

Deferred taxation 736,449 636,870 598,300 Stock in trade 409,498 613,934 366,170Trade debts 49,799 46,485 55,366Loan & Adv. 21213 26,208 46,132Trade Depo. 10,351 12,362 10,538

CURRENT

LIABILITIES

Accrued

interest

2,154 7,676 2,646

Trade Payables 767,579 856,330 1,015,724 Receivable 49,403 26,988 28,836Accrued markup 12,731 8,914 - Taxation 183,950 - -Liability against

F/L

109 - - Investments 20,246 557,265 1,194,272

Taxation - 70,320 49,466 Cash & Bank 110,957 871,826 442,109Short term

murabaha

200,000 200,000 -

TOTAL

LIABILITIES

2,339,368 1,135,564 1,663,490

TOTAL

CURRENT

ASSETS

1,480,329 2,762,349 2,792,563

TOTAL

EQUITIES &

LIABILITIES

5,870,947 6,972,801 7,058,909

TOTAL

ASSETS 5,870,947 6,972,801 7,058,909


9/21


BALANCE SHEET

AS AT JUNE 30, (2008, 2009, 2010)


EQUITY AND


CAPITAL AND RESERVES NON-CURRENT ASSETSPaid-up Capital 4,264,108 4,264,108 4,264,108 Fixed Assets 20,081,44

8

20,381,478 21,035,368

Reserves 4,644,355 4,127,277 4,180,433 Int. assets 15,082 7,332 1,774Accumulated

Profit

(547,574) (1,673,584) (4,310,333) Long term

Investments

- - 200

SHARE

DEPOSIT

MONEY

- - 1,000,000 Long term

Loan/advance

6,121 5,666 3,294

Deposits and

Prepayments

54,014 51,485 51,573

TOTAL

EQUITIES

8,360,889 6,717,801 5,134,208

TOTAL NON-

CURRENT

ASSETS

20,156,66

5

20,445,961 21,092,208

NON CURRENT LIABILITIES CURRENT ASSETSLoans from

related parties 35,224 - -

Stores and

spares

3,325,744 2,936,194 2,407,410

Long term loan

from banking

company

241,539 826,614 1,100,808 Stock in trade 433,952 650,914 504,718

Redeemable

capital

8,000,000 7,200,000 8,289,800 Trade debts 743,366 682,244 751,400

Syndicated

T.Finance

1,000,000 - 1,498,200 Loan & Adv. 82,814 78,254 266,642

Liability against

F/L

957,534 862,214 700,743 Investments 734,859 406,563 472,338

Long term

Deposits

2,582 2,580 2,739 Trade

Deposits

69292 143,306 121,824

Deferred

liabilities

171,429 88,745 26,493 Accrued

interest

763 983 656

CURRENT

LIABILITIES

ST, Customs

and Ex. Duty

57,769 16,797 16,797

Trade Payables 2,550,147 2,407,870 3,491,872 Due from

Gratuity fund

9,768 8,184 -

Accrued

markup

194,568 441,194 921,812 Receivables 387,528 29,448 91,178

Short term

borrowing

3,369,738 4,382,322 4,060,838 I-Tax (Prov.) 44,907 162,058 296,506

Current portion

of long term

loan

1,268,011 2,731,498 867,429

Cash & Bank 104,134 99,932 73,265

TOTAL

LIABILITIES

17,790,67

2

18,943,037 20,960,734

TOTAL

CURRENT

ASSETS

5,994,896 5,214,877 5,002,734


10/21

TOTAL

EQUITIES &

LIABILITIES

26,151,56

1

25,660,838 26,094,942

TOTAL

ASSETS 26,151,56

1

25,660,838 26,094,942


BALANCE SHEETAS AT DECEMBER 31, (2008, 2009, 2010)


EQUITY AND


CAPITAL AND RESERVES NON-CURRENT ASSETSPaid-up Capital 13,126,445 13,126,445 13,126,445 Fixed Assets 17,247,91

4

16,687,998 16,291,971

Reserves (2,092,041) (3,362,517) (4,311,012) Int. assets 4,103 2.959 2,345Long term

advances

82,636 77,868 61,977

Long term

deposits

43,787 40,578 39,867

Deferred

taxation

749,347 749,347 749,347

TOTAL

EQUITIES

11,034,404 9,763,928 8,815,433

TOTAL

NON-

CURRENT

ASSETS

18,127,78

7

17,558,750 17,145,507


finance

4,388,800 3,075,232 1,761,663 Stores and

spares

2,453,835 937,102 1,268,298

Liability against

F/L

33,288 - - Stock in

trade

946,934 724,361 624,933

Other long term

liab.

1,270,820 Trade debts 33,927 76,614 417

Advances 51,611 37,538 38,050Prepayments 66,651 54,652 30,829Accrued

interest

1,725 992 860

Tax Refunds 74,283 - -CURRENT

LIABILITIES

Other

receivables

74,361 24,454 35,104

Trade Payables 1,146,613 2,973,094 2,851,042 Taxation

net

97,617 218,518 353,082

Accrued

markup

378,636 261,291 260,527 Cash & Bank 55,472 71,261 7,268

Short term

borrowing

2,418,074 2,317129 4,502,115

Current portion

of long term

finance

1,313,568 1,313,568 1,313,568

TOTAL

LIABILITIES

10,949,799 9,940,314 10,688,915

TOTAL

CURRENT

ASSETS

3,856,416 2,145,492 2,358,841

TOTAL 21,984,203 19,704,242 19,504,348 TOTAL 21,984,20 19,704,242 19,504,348


11/21

EQUITIES &

LIABILITIES

ASSETS 3

ANNEXURE C

Cash Flow Statements


CASH FLOW STATEMENT



Cash flows from operating activities 2008 2009 2010

Cash generated from operations 1,263,660 3,829,987 3,194,599Finance cost paid (1,727,177) (2,439,250) (2,088,107)Retirement and other benefits paid (5,054) (6,934) (11,368)Taxes paid (135,780) (235,684) (260,492)Net decrease in long term deposits (5,577) (125) 7,373

Net cash generated from / (used in) operating activities (609,928) 1,147,994 842,005

Cash flows from investing activities

Purchase of property, plant and equipment (2,698,370) (1,995,630) (1,079,494)Purchase of investments (188,339) (38,878) (249,445)Net decrease/ (increase) in long term loan, adv.

and dep.

(325,502) 356.106 8,489

Sales proceeds of property, plant and equipment 26,665 4.076 16,785Dividend received 820,435 707,242 766,398

Interest received 8,333 42,205 2,555Net cash generated from/(used in) investing activities (2,356,788) (924,879) (534,712)

Cash flows from financing activities

Proceeds from issuance of share capital - 1,014,164 1,216,998Proceeds from long term finances 3,000,000 300,000 3,050,000Repayments of long term finances (3,178,083) (2,989,690) (5,104,383)


12/21

Repayment of liabilities against assets subject to

F. lease

(19,957) (1,141) -

Dividend paid (379,093) (533) (25)

Net cash generated from/(used in) financing activities (577,133) (1,677,200) (837,410)

Net increase/(decrease) in cash and cash

equivalents

(3,543,849) (1,454,085) (530,117)

Cash and cash equivalents at the beginning of

year

(3,826,799) (7,370,648) (8,824,733)

Cash and cash equivalents at the end of year (7,370,648) (8,824,733) (9,354,850)


CASH FLOW STATEMENT

FOR THE YEAR ENDED JUNE 30, (2008, 2009, 2010)(Rupees in thousand)


Cash generated from operations 1,612,073 8,084,365 6,087,267Finance cost paid (163,947) (1,292,567) (647,065)Taxes paid (166,236) (206,645) (164,264)Gratuity paid (9,087) (13,369) (12,300)Long term deposits 4,389 (1,663) 3,368Long term advance paid - (55,373) -

Net cash generated from/(used in) operating activities 1,277,192 6,514,748 5,267,006


Fixed capital expenditure (6,572,254) (5,779,313) (2,320,832)Sales proceeds on disposal of property, plant and

equip.

32,098 37,487 5,879

Net cash generated from / (used in) investing activities (6,540,156) (5,741,826) (2,314,953)


Repayment of long term finance (3,075,756) (2,575,000) (2,465,641)Receipt/(repayment) of short term borrowing (710,226) 4,151,790 217,372

Proceeds from issue of Global Depository

Receipts

6,953,422 - -

Dividend paid (326,162) (73) (1,281,045)

Net cash generated from / (used in) financing activities 2,841,278 1,576,717 (3,529,314)


equivalents

(2,421,686) 2,349,639 (577,261)


13/21


year

982,937 (1,438,749) 910,890

Cash and cash equivalents at the end of year (1,438,749) 910,890 333,629


CASH FLOW STATEMENT




Cash generated from operations 727,872 2,397,639 1,877,393Finance cost paid (155,591) (123,580) (86,542)Income tax paid (134,583) (341,084) (431,056)(Increase) / decrease in long-term loans and

advances

137 (9,663) 2,516

Net cash generated from / (used in) operating activities 437,835 1,923,312 1,362,311


Fixed capital expenditure incurred (302,993) (286,642) (331,317)Proceeds on disposal of fixed assets 8,184 6,043 4,121Purchase of open ended mutual fund units (95,000) (1,360,000) (3,779,814)Proceeds from sale of open ended mutual fund

units

287,362 955,501 3,136,227

Purchase of certificate of investment - (100,000) (503,028)Proceeds from sale of Certificates of Investment - - 603,028Interest received 12,817 57,177 86,811

Net cash generated from / (used in) investing activities (89,630) (727,921) (783,972)


Repayment of long-term murabaha (177,500) (200,000) (622,500)Payments made under finance lease (1,076) (109) -Dividend paid (324,448) (234,413) (385,556)

Net cash generated from / (used in) financing activities (503,024) (434,522) (1,008,056)


equivalents

(154,819) 760,869 (429,717)


year

265,776 110,957 871,826

Cash and cash equivalents at the end of year 110,957 871,826 442,109


14/21


15/21


equivalents

(19,225) (4,202) (26,667)


year

123,359 104,134 99,932

Cash and cash equivalents at the end of year 104,134 99,932 73,265


CASH FLOW STATEMENT

FOR THE YEAR ENDED DECEMBER 31, (2008, 2009, 2010)



Cash generated from operations 863,063 667,859 430,333Decrease/ (increase) in advances (23,150) 14,073 -Decrease/ (increase) in stores and spares (1,204,517) 1,513,734 -Decrease/ (increase) in stock in trade (448,149) 222,574 -Decrease/ (increase) in short term prepayments (25,272) 11,998 -Decrease in other receivables 6,244 32,875 -(Increase)/decrease in trade debts 35,718 (42,688) -Decrease in tax refunds due from the

Governments

76,438 74,283 -

Increase in trade and other payables 281,715 555,379 -Staff retirement benefits paid (11,598) (11,287) (12,675)Interest received on financial assets 5,377 3,024 -Income tax paid (82,461) (145,363) (164,073)Net cash generated from / (used in) operating activities (526,592) (2,896,461) 253,585


Additions to property, plant and equipment (238,843) (103,265) (236,650)Additions to intangible assets - - (549)Interest received on financial assets - - 1,728Proceeds of disposal of property, plant and

equipment

976 10,572 7,203

Long term advance received 10,330 4,767 15,892Long term deposits (1,357) 3,209 712

Net cash generated from / (used in) investing activities (228,894) (84,717) (211,664)


Cost of Issue of share capital (5,344) - -Repayment of long term loan (1,313,569) (1,313,569) (1,313,569)Lease rentals paid (10,408) (33,288) -Finance costs paid (956,218) (1,348,155) (977,331)


16/21

Net cash generated from / (used in) financing activities (2,285,539) (2,695,012) (2,290,900)


equivalents

(3,041,025) 116,733 (2,248,979)


year

678,424 (2,362,601) (2,245,868)

Cash and cash equivalents at the end of year (2,362,601) (2,245,868) (4,494,847)


17/21


18/21


STATEMENT OF CHANGES IN EQUITY



CAPITAL

RESERV

E

REVENUE RESERVES

Issued,

Subscribe

d and paid

up capital

Share

premium

General

Reserve

Un-

appropriate

d profit

Total

reserves

Total

equity

Balance as at

June 30,

2008

3,233,750 7,343,422 5,000,000 3,078,251 15,421,67

3

18,655,42

3Total

comprehensiv

e income for

the year

- - - 4,596,549 4,596,549 4,596,549

Balance as at

June 30,

2009

3,233,750 7,343,422 5,000,000 7,674,80020,018,22

223,251,97

2

Transfer to

general

reserve

- - 5,000,000 (5,000,000)- -

Dividend Rs.4

per share

2009

- - - (1,293,500)(1,293,500

)(1,293,500

)

Total

comprehensiv

e income for

the year

- - - 3,137,457 3,137,457 3,137,457

Balance as at

June 30,

2010

3,233,750 7,343,422 10,000,00

0

4,518,75721,862,17

925,095,92

9


19/21





Share

Capital

Un-

appropriated

profit

Hedging

reserve

Total

Balance as at June 30, 2008 721,629 2,784,754 25,196 3,531,579Final dividend for the year ended

June 30, 2008 @ 1.5 per share

- (108,244) - (108,244)

Interim dividend for the year ended


- (126,285) - (126,285)

Net loss arising on change in fair

value of interest rate swap under

cash flow hedge

- - (12,134) (12,134)

Profit after taxation for the year

ended June 30, 2009

- 1,492,951 - 1,492,951

Balance as at June 30, 2009 721,629 4,043,176 13,062 4,777,867Final dividend for the year ended


- (234,529) - (234,529)

Transfer to reserve for issue of

bonus shares

- (144,326) - (144,326)

Issue of Bonus share for every 5

shares held

144,326 - - 144,326

Interim dividend for the year ended


- (151,542) - (151,542)

Loss arising on change in fair value

of interest rate swap under cash

flow hedge

- - (3,531) (3,531)

Net gain realized on termination of

interest rate swap reclassified to

profit and loss account

- - (9,531) (9,531)

Profit after taxation for the year

ended June 30, 2010

- 1,016,685 - 1,016,685

Balance as at June 30, 2010 865,955 4,529,464 - 5,395,419


20/21





CAPITAL RESERVES REVENUE RESERVESShare

Capital

Share

Premium

Reserve

remeasure

ment of

available

for sale

investmen

ts

Capital

Redempti

on

Reserve

Hedging

Reserve

Sub Total General

Reserve

Accumulate

d loss

Sub Total Total

Equity

Balance as at June 30, 2008 4,264,108 2,068,336 518,765 291,506 365,748 3,244,355 1,400,000 (547,574) 851,426 8,360,8Loss for the year ended June 30,

2009

- - - - - - (982,970) (982,970) (982,97

Deficit on remeasurement of

investments available for sale on

fair value

- - (327,559) - - (327,559) - - - (327,55

Loss arising on derivatives cross

currency interest rate swap

agreement

- - - - (365,748) (365,748) - - - (365,74

Deferred tax relating to

component of other

comprehensive income

- - 85,983 - - 85,983 - - - 85,9

Transfer to capital redemption

reserve

- - - 90,246 - 90,246 - (90,246) (90,246)

Dividend on preference shares

for the year ended June 30, 2009

- - - - - - - (52,794) (52,794) (52,79

Balance as at June 30, 2009 4,264,108 2,068,336 277,189 381,752 - 2,727,277 1,400,000 (1,673,584) (273,584) 6,717,8Loss for the year ended June 30,

2010

- - - - - - - (2,583,955) (2,583,955) (2,583,95

Surplus on remeasurement of

investments available for sale on

fair value

- - 72,072 - - 72,072 - - - 72,0

Deferred tax relating to

component of other

comprehensive income

- - (18,920) - - (18,920) - - - (18,92

Dividend on preference shares

for the year ended June 30, 2010- - - - - - - (52,794) (52,794) (52,79

Balance as at June 30, 2010 4,264,108 2,068,336 330,345 381,752 - 2,780,433 1,400,000 (4,310,333) (2,910,333) 4,134,2


21/21



FOR THE YEAR ENDED DECEMBER 31, (2008, 2009, 2010)


RESERVESIssued,

subscribed

and paid-up

capital

Share

premium

Equity

settled

share

based

payment

plan

Accumulated

Losses

Total

Balance at Dec 31,

2008

13,126,445 190,477 - (2,282,518) 11,034,404

Total comprehensive

loss for the year

- - - (1,278,965) (1,278,965)

Employee benefit

cost under IFRS-2

Share-based

payments

- - 8,489 - 8,489

Balance at Dec 31,

2009

13,126,445 190,477 8,489 (3,561,483) 9,763,928

Total comprehensive

loss for the year

- - - (948,495) (948,495)

Balance at Dec 31,

2010

13,126,445 190,477 8,489 4,509,978 8,815,433

financial analysis of top pakistan cement companies

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